Bank of New York Mellon Corp Increases Stake in Eastman Chemical Company (NYSE:EMN)

Bank of New York Mellon Corp boosted its position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 1.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,279,279 shares of the basic materials company's stock after acquiring an additional 13,886 shares during the period. Bank of New York Mellon Corp owned about 1.11% of Eastman Chemical worth $112,717,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management boosted its stake in Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after purchasing an additional 124 shares during the period. Assetmark Inc. boosted its stake in Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after purchasing an additional 296 shares during the period. Headlands Technologies LLC acquired a new stake in Eastman Chemical during the 4th quarter worth $43,000. Orion Capital Management LLC purchased a new position in Eastman Chemical during the 4th quarter worth $47,000. Finally, Brown Brothers Harriman & Co. raised its position in Eastman Chemical by 135.7% during the 4th quarter. Brown Brothers Harriman & Co. now owns 528 shares of the basic materials company's stock worth $48,000 after buying an additional 304 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Stock Performance

NYSE:EMN opened at $80.40 on Thursday. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80. The firm has a 50-day moving average price of $78.79 and a two-hundred day moving average price of $86.16. Eastman Chemical Company has a twelve month low of $70.90 and a twelve month high of $114.50. The company has a market capitalization of $9.28 billion, a P/E ratio of 10.23, a price-to-earnings-growth ratio of 1.93 and a beta of 1.22.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.02. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the firm posted $1.61 EPS. The firm's revenue for the quarter was down .9% on a year-over-year basis. As a group, research analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Friday, June 13th were given a $0.83 dividend. The ex-dividend date was Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.13%. Eastman Chemical's dividend payout ratio is presently 42.24%.

Analysts Set New Price Targets

EMN has been the subject of a number of analyst reports. Royal Bank Of Canada upgraded shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective for the company in a research report on Wednesday, April 9th. Barclays cut their price objective on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 29th. Mizuho upgraded shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price objective for the company in a research report on Thursday, April 3rd. The Goldman Sachs Group cut their price objective on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Finally, Wall Street Zen downgraded shares of Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $98.08.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.